- You do not need a NEW outfit for every occasion. I know your girlfriends probably shop around for every big night out, but I promise this is not necessary. Most of us have been to weddings and college parties, and have dresses that have only been worn once. Pull one out, mix up your jewelry/accessories and make it your party dress with a new look.
- Buying good food is more important than another trip to the mall. I know a new shirt or scarf seems to have more value than food because well, they will last longer. But this can be a dangerous trap to fall into. You need to EAT well to FEEL well. If you starve yourself of good nutrients, quality brand food, and full meals, you will end up being more unhappy with your day, yourself, and your mood.
- When you purchase, make sure it's not an impulsive buy. Put a little thought into your buys.
- Never spend more than you owe. If you are in your mid20s living in the Chicagoland area (cost of living differs), and Mom and Dad no longer support you financially, you probably have more than a few bills to pay each month including:
- School loans
- Credit Card
- Car payment
- Car insurance
- Phone bill (insurance usually included in bill)
- Health insurance (unless through employment or parents' health insurance until age 26)
- Rent
- Utilities (electricity, water, heat/gas, trash, laundry)
- Cable/Internet
(Don't forget about gas, groceries, and I-pass costs, as well.)
I can almost promisingly assume your bills will cost AT LEAST $1000 per month total. And I would say you're lucky if $1000 is all you have to pay. This is a rude awakening into the 'real world' that no one enjoys. But you have to face it-you are an adult now. And adults shouldn't be coddled. Now, I'm not saying Mom and Dad helping out isn't a good thing. It's a GREAT thing! I would say that in this day and age, part of parenting is helping your children get out on their own. That could mean paying your child's phone bill or housing your child for a year or two or paying off their car until they get on their feet. However, some kids don't have this option, and their parents aren't able to stay afloat supporting their children and themselves. Moral of the story: never spend more than you owe per month. If you owe $1000 per month, do not go out and spend that thousand dollars before paying off all your bills for that month.
- Unless you are a picky toilet paper shopper, the Dollar Store sells four pack paper supplies. So a month's worth of toilet paper should cost around $3-$4.
- Do not forget to pay your bills on time. You will save money by avoiding those late fees. Set reminders on your phone or pay all your bills in one day for that month.
- Do not buy a new car unless you have to. This is a payment that can wait. If your car is paid off, safe, and driving well-drive it as long as you can! My car is not safe, nor driving well, and I am in the process of searching for a new one.
- Coupons are magic! If a coupon catches your eye before you throw out the ads in your mailbox, snip it and pin it on the fridge. I always hang up the latest Victoria Secret coupon on my mirror in case I get to splurge that month. Who knows. Maybe couponing will become a hobby of yours and you can be featured on TLC: Extreme Couponing.
- Create a budget! This ties into 'Never spend more than you owe'. Create that budget of yours. Set deadlines to pay off your credit card. And make sure you know how much splurging money you have before buying that Michael Kors watch.
That about sums up all of my most recent thoughts about finances. You may wonder why this post is titled 'Part 1'-this is because I still have much more to learn and share as I go. Be on the lookout for Money Savers Part II in the future!
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